Retail Sales Down, What About Retail ETFs?

16/03/2018

US consumers spent less at auto dealers, gas stations and department stores in February, causing overall retail sales to slip 0.1 per cent despite signs elsewhere of a robust economy and the tax cuts signed into law by President Donald Trump starting to take effect. Despite the month-over-month drop, retail sales increased 4% over the past year.

The Commerce Department reported Wednesday that retail sales slipped 0.1% last month, while January's performance was revised upward to a 0.1% drop from a 0.3% decline.

It was the first time since April 2012 that retail sales have declined for three straight month.

The consumer spending, which accounts for more than two-thirds of the USA economic activity, seems to have slowed down at the beginning of the year after rising 3.8% year-over-year in the fourth quarter.

The drop was unexpected in part because many Americans' tax withholdings dropped in early February due to a $1.5 trillion tax break signed into law late a year ago. "With consumer confidence and employment growing, economic fundamentals are favorable for spending to expand in the coming months". The Atlanta Fed slashed its forecast to a 1.9 percent annualised rate from a 2.5 percent pace. The revenue of petrol stations shrinks by 1.2% after falling gasoline.

In a separate report, the Labour Department said a key measure of underlying producer price pressures that excludes food, energy and trade services rose 0.4% in February, matching January's gain. Producer prices, which show inflation before it reaches consumers, have risen 2.8 percent over the past year.

Stimulus in home-related spending has also fueled sales at major home improvement chains like Home Depot and Lowes, both of which saw growth in same-store sales over the latest quarter. The increase in underlying wholesale prices supports views that consumer inflation will pick up in 2018.

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